Michelle Monk: Monsanto Being Crushed Everywhere EXCEPT USA

Shares of Monsanto (MON) dropped again Friday after South Korea joined Japan in suspending importation of genetically modified wheat sourced to the crop seed company.

The moves came after the U.S. Department of Agriculture announced Wednesday that it found genetically engineered wheat, never approved for sale and thought to have been shelved, growing on a farm in Oregon.

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Japan earlier canceled plans to buy more wheat from the U.S. Other Asian countries said they’re mulling similar moves.

Meanwhile, Monsanto plans to quit lobbying for acceptance of its genetically modified seed in Europe, where it’s met with strong resistance. Everyone from French wine producers to German crop growers has objected to its modified seed.

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Last year, GM crops accounted for 88% of all corn in the U.S., 94% of cotton and 93% of soybeans, according to USDA figures. In Europe, they’re estimated to account for less than 1% of crops.